Saudi Arabia’s NDMC closes November sukuk issuance at $710m

RIYADH: Saudi Arabia’s Tadawul All Share Index stayed steady on Tuesday, increasing slightly by 10.16 points or 0.09 percent to close at 11,129.10. 

The total trading turnover of the benchmark index was SR5.53 billion ($1.47 billion) as 85 of the listed stocks advanced, while 123 declined. 

Saudi Arabia’s parallel market Nomu also gained 239.81 points to 24,103.11, while the MSCI Tadawul 30 Index dipped 0.07 points to close at 1,441.93. 

The best-performing stock of the day was Electrical Industries Co. The company’s share price surged 8.68 percent to SR2.38. 

Other top performers were AlSaif Stores for Development and Investment Co. and Al-Omran Industrial Trading Co., whose share prices jumped 5.39 percent and 4.23 percent, respectively. 

The worst performer of the day was Al Moammar Information Systems Co., whose share price dropped 2.98 percent to SR123.80. 

The positive performance of Nomu was driven by Mayar Holding Co., whose share price soared 28.09 percent to SR5.70. 

The firm announced that its subsidiary, Saudi Drip Irrigation Co., signed a 24-month contract to conduct operation and maintenance work at a NEOM project valued at SR28.9 million. 

Meanwhile, KEIR International Co. revealed that it signed to implement high-voltage underground cable works in Riyadh with National Grid Co. at a value of SR247 million. 

According to a statement to Tadawul, the scope of the contract includes the expansion of a high-voltage underground cables network and gas-insulated switchgear substation extension. 

The project also entails protection, telecommunication and substation automation for remote ends. 

KEIR added that the impact of this 20-month contract will be reflected in the company’s financials from the first quarter of 2024 until the fourth quarter of 2025. 

In another announcement, Retal Urban Development Co. said it signed two development agreements with National Housing Co. to develop residential units in Riyadh and Jeddah at SR925 million. 

In a bourse filing, Retal revealed that it would develop 366 residential units in Zone 1 and 2 in Riyadh and 803 houses in Jeddah.